The Proof Sets from 1950 to 1964 and “The Loss of Innocence, Part 1

The Proof sets from 1950 to 1964 represent the last of a by-gone era in the collector – mint relationship. During those years the mint supplied Proof sets to collectors for only $2.10 per set. That price covered the cost of a five coin set that included three 90% silver pieces. With a face value of 91 cents, these sets were priced at a level that was more like service to the collector instead of a revenue generator for the U.S. Treasury.

Today these sets represent an opportunity for collectors who are working with moderate to modest budgets. Although the sets from the early 1950s are pricey, most collectors can aspire to put together a date run from perhaps 1955 to 1964 at a reasonable cost. In addition such a “short set” would be a good starting point for a modern Proof set run from 1968 to date. Many of the Proof sets from 1950 to 1964 have interesting histories and characteristics. For the benefit of those collectors who are not familiar with these coins it might interesting to review some of that information on a set by set basis.




I bought this 1950 Proof set in the 1980s and paid a premium for it. Aside from finding cameo coins, this is about as good as it gets for these coins. The story was a father bought 5 sets from the mint, the limit at that time, and picked out the best pieces from the group for his child. At least that the story the dealer told me. It was in a "bid wall" auction. I replaced the cent which had discolored.

1950 – 51,386 sets issued

When the mint announced that it would issue Proof sets in 1950, the agency set the price at $2.10 per set and stipulated that only full sets could be purchased. During the previous period from 1936 to 1942 collectors had been permitted to buy any number of single Proof coins. This is reason why Proof mintage figures from the ‘30s and ‘40s are not uniform across all denominations as they are today. The sets from the early 1950s were packaged in small gray boxes that were sealed with tan packing tape. The coins were placed in cellophane sleeves that were stapled together and wrapped in tissue paper.

This packaging mode was not ideal. The quarter had a tendency to place circular shaped marks on the half dollar, and the staple that held the set together sometimes rusted which could damage the coins. Some collectors demand these sets in the original box, but knowledgeable collectors are equally impressed by high quality coins in plastic holders.

Some collectors were disappointed with the quality of some of the early 1950 Proof coins. The coins tended to have a finish resembled Mint State coins. The fields were not like the brilliant mirrored surfaces that had appeared on earlier Proof coins. Like the first 1936 Proof coins, the 1950 Proofs had more of a matte finish. Some collectors tried to dip the coins to make them brighter, but that usually made the situation worse. Today high quality, attractive 1950 Proof sets are scarce and often bring higher prices that those listed in some price guides.



This 1951 Proof set is in the original packaging. The coins are a little frosty but very sharp.

1951 – 57,500 sets issued


The 1951 Proof sets were nicer than the 1950 sets although some of them were a bit frosty instead of brilliant. The coins had brighter surfaces, and the definition of the designs was strong and attractive. Finding a nice 1951 Proof set is easier than locating an attractive 1950 set, but a nice set will still cost several hundred dollars.



I bought this group of five 1952 Proof sets with the original mailing wrappper. Two of the sets have never been opened. There might be washers in the two boxes instead of coins, but I doubt it. The set was mailed to a Catholic priest in Dorchester, Massachusetts.

1952 – 81,980 sets issued

In 1952 the mint made a concerted effort to make Proof coins that very bright and shinny, and the agency probably changed the dies less frequently. This resulted in excessive die polishing and a loss of design detail. For example it’s not unusual to see 1952 Proof Franklin half dollars with part of Benjamin’s hair hanging in mid air or Lincoln cents with missing details. In later years the mint tried to avoid this problem.



I bought this 1953 Proof set in the original box, but the celophane sleeves around the half dollar and quarter fell apart. So they had to go into Capital Plastic.

1953 – 128,800 sets issued

This was the first year that total Proof set production broke the 100,000 mark. The sharpness of the coins was better than it had been for some pieces issued in 1952. The value of the set is enhanced by the 1953 Franklin half dollar which is a better date.

1954 – 233,300 sets issued

Nineteen fifty-four marked the first change in mint packaging, and it would not be for the better. Half way through the year the mint replaced the cellophane sleeves with somewhat foggy plastic sleeves that proved not to be inert. The foggy haze not only dulled the view of the coins for the viewer, but also promoted an unattractive brown tarnish to form on the silver coins. This tarnish did not dip off very well, and coins that received this treatment usually look dull and stained. For this reason I believe that really attractive 1954 Proof sets underrated.



The 1955 flat pack Proof sets were issued during the second half of the year. The box sets were the only ones that had the a mint printed date on the top of box in large letters. I have owned one flat pack set that did not have the mint foil piece in the sixth pocket.

1955 – 378,200 sets issued


Nineteen fifty-five would bring a major change to U.S. Proof coin packaging. For the first part of the year the 1955 sets were packaged in gray boxes as before except that the date was rubber stamped on the top. The same plastic sleeves that ruined the 1954 Proof sets were used although some authorities claim that they have seen a few 1955 box sets packaged in cellophane sleeves. I have never seen a 1955 box set that was packaged this way.

Midway through the year the mint switched to the flat pack format which would be used for the rest of the series. The flat packs had six pockets. Five of the pockets contained coins while the sixth pocket contained a foil mint seal. Some 1955 flat pack sets have nothing in the sixth pocket.


Despite the fact that all 1955 Proof sets contain the same coins, the flat pack sets have sold for more than the box sets for many years. The reasons are the flat packs provide a better presentation for the coins, and the pieces in the flat pack are almost always better preserved.




1956 – 669,384 sets issued

In 1956 the tiny eagle that appears to the right of the Liberty Bell on the Franklin half was given a make-over. The new bird, which collectors the “type 2,” was in higher relief and had more detail on his wing feathers. The old bird or “type 1” is scarcer and sells for a higher price although it usually takes a high grade certified piece to realize the premium. The type 2 bird would appear on all Proof Franklin half dollars after 1956, but both types would appear on the business strike coins that were made for circulation. The reason for this is that some dies that were used to strike Proof coins were used to make business strike coins after their application to Proof coin manufacture had ended.

Part Two Tommorrow

 

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I wonder how many of those have been busted up. I started collecting in 1948 and was very excited to see proof sets and the price was reasonable. I bought a few over the years.

 

I would say perhaps half of them have been broken up for one reason or another. If there are any coins that have a cameo on both sides, those coins would be cherry picked. Those coins were scarce in these sets and worth quite a premium.

Proof singles have also been popular over the years. On a retail basis, the piece parts were worth more, sometimes a lot more, than the whole.

My advice to the collector who wants to put Proof singles in their Dansco or other album, it's cheaper to buy the complete sets and break them up yourself.

 

Thanks for sharing the excellent info.

 

Another superb article..... I am a self deprecating sort of fellow and like to share a laugh at my expense...... For most of my collecting life, I believed that 1950's era proof sets were issued in Capitol plastic holders. It was the only way that I ever saw them.

 

Great article. I love those 50s proofs. I do have a 55 in the box and in envelope... and in a Capital Plastic holder. I bought all the coins individually and graded... then placed them into matching Capital holders.

 

A very excellent first part of the article. I learned things I did not know such as the change in packaging in 1954. I own all the proof sets from 1955 to 2020, but have yet to brave the 1950-1954 issues.

 

My first proof set was a 1963 given to me by my brother-in-law.

 

johnmilton;
I have a 1954 proof set in cellophane still stapled together and the coins look awesome. Should I have them certified? They all look perfect to me.
Thanks, Gary

 

Unless they are comeo Proof coins, it's probably not worth it. Even if they are "perfect," the services usually don't give super high numbers to Proof coins of this era. Non-cameo coins, even in PR-66 don't sell for that much.

Here is a Cameo Proof Roosevlt Dime.



And here is a Cameo Franklin Half Dollar





I would also warn you that they can be fickle about giving out the Cameo designation. This coin didn’t make it.

 

I think I would get a holder to put them in.

 

Thanks for the reply.

 

He might get more for in the box when it comes time to sell. As long as the packaging is in good shape, and the staple is not rusting, the mint holder privides decent protection.

You can view the coins more easily in a Capital holder however.

 

Here are my 3 55 sets: the box, the flat pack, a custom set.

The nickel in the box set is pretty sweet.

Flat pack has the missing mint token.

 

OOPS! I forgot to finish this.

1957 Proof Set, Mintage 1,247,952



This marked the first year that Proof set production exceeded 1 million. A good part of the reason way was that people noted that you could make a profit by buying the sets for $2.10 at the mint and selling them to dealers. This was especially true if you got your sets early in the year.

Walter Breen in his Proof coin book claimed that the Prudential Insurance Company of America bought 100,000 sets as an investment. Unfortunately for them and others the mintage was too high, and the wholesale price fell below the issue price to $1.81. The price recovered, this set is still cheaper than some of the later issues.

1958 Proof Set, Mintage 875,652



The losses sustained on the 1957 sets plus a mild recession probably lowered the Mint's Proof set sales in 1958. Otherwise, there is nothing remarkable about this set. It has also sold for a bit more than the other dates in this era.

1959 Proof Set, Mintage 1,149,219



The mintage popped up to over 1 million again in 1959, and would remain there in subsequent years. The big news for collectors was the introduction of the Lincoln Memorial Cent reverse.

1960 Proof Set, Mintage 1,691,602

Small Date



Large Date



The big news in 1960 was the Small Date Cent. At first the mint claimed that there was no intentional difference in the date. Then they admitted that it had been changed, probably to make the date easier to read.

The Small Date 1960 cent was once a big deal. If you look back at old Red Books, you will see prices of $50 for it in Proof. Those numbers were for real. Collectors really did pay those premiums at one time. I was shocked when I looked at a recent Grey Sheet and saw that the bid price difference between Small and Large Date sets had fallen to only $2. It's one more example of how modern coin prices can fall dramatically because of the mintages and lack of demand.

1961 Proof Set, Mintage 3,028,244



1962 Proof Set, Mintage 3,218,019



1963 Proof Set, Mintage 3,075,645



There is not much exciting to say about these sets except for the fact that the mintage exceeded 3 million, which high even by today's standards. The main reason why they have any sort of value is that they contain 85 cents in 90% silver coinage.

1964 Proof Set, Mintage 3,950,762



The Kennedy Half Dollar was all the rage in 1964. Everybody wanted one, including non-collectors. For that reason the Proof set mintage almost reached 4 million. Some people cut out that half dollar and spent the rest of the coins from the set. One of coin dealers at Gimbels Department Store in Philadelphia told me that they were getting Proof dimes in the cash register.

At one point the retail price for the 1964 Proof set hit $35. Adjusting for inflation that would be about $338 in todays dollars. Of course the price has since settled well below that number. Interest in the Accented Hair variety of the Kennedy Half Dollar came along years later.

Coin collectors were hated group among government officials in 1964-5. We were blamed for creating a coin shortage. The real problem lay with the fact that the price of silver was set to increase so that the melt value of the coins in circulation would go beyond their face value. That didn't happen for a while, but the market for 90% silver coins got its start during the decade of the 1960s.

The mint stopped issuing Proof sets and issued Special Mint Sets instead. The issue price for these lesser coins was increased from $2.10 to $4.00. Proof sets made a return in 1968. At that time, all of them were issued from the San Francisco Mint.

 

Over the years (75) I have collected coins off and on again, never really get interested in a coin collection until I was 49 and I inherited half interest in my father's collection. My brother and I split the collection. Anyway, when I went over the list of coins my father had, I started my collection. My brother shipped my half of the collection in a cardboard box. My father collected coins but was not a coin collector. I still wasn't too interested in the coins until I put a towel on my desk and looked at each coin, one by one. Then it hit me. However, when your get hit by the coin collecting frenzy, sometimes you lose tract of what you needed to do. Thanks to a great gut, I was able to understand what was ahead of me. I had my ups and downs, mostly downs when you first start collecting. I wanted every coin that was advertised which almost broke me and my wife. Luckily, she laid down the groundwork. I was allowed to buy one coin a week with a weekly budget of $50. I was grateful for her guidance and support. I bought an American Gold One Ounce Proof Coin for 2015 for $1,300. Last month I bought one for $21. What a rip off.

 

To paraphrase someone famous.........Get 'r done........and you've done so most marvelously John.

[aside] My father got 5 1960 small date sets from the mint. He was happier than I'd ever seen him before when he discovered what he had received. I've still got one of his.

The '54 is a quandary to me (fathers also). All coins are in some sort of plastic wrap but they're stapled to a file card in an old envelope. I suspect the mint didn't provide file cards back in those days......

 

Excellent post! Very interesting. I put together a 1963 proof set in a Capitol plastics holder a long time ago. Just thought it was neat being the last year of the Franklin. Funny that at the time the Kennedy was what got everyone excited. If they only knew they'd still be making them in 2023.

 

John. Do all the early box sets have a date on them. I was wondering if the earlier have the date on them. My ma left us a few box sets (UN-opened). But I don’t recall them having dates on them. Or is it only the 1955’s with dates. I’m trying not to dig in her box because their not all mine. I want to go thru them with all my siblings some day